Our expectations from mobile banking apps were different a few years ago. However, UPI (Unified Payments Interface) transfers changed our perception of mobile banking. Besides UPI transactions, customers can do more using their mobile apps today. This article lists five ways mobile banking evolved in the past few years to help us better access banking services.
1. Banks have made it easy to track your payments, helping you budget better.
Let us take IDFC FIRST Bank’s example. IDFC FIRST Bank mobile banking app’s Track Your Expense feature helps customers keep track of their previous online payments. Customers can categorize their previous payments and infer learnings to increase their savings in the future. This categorization exercise helps customers budget better. Mobile apps are digitizing budgets across India through their innovative features.
2. You can open an online bank account and benefit from remarkable features.
Most banks offer special banking features with their online bank accounts. IDFC FIRST Bank offers a zero-fee banking feature with all its savings accounts. Zero Fee Banking helps customers avoid the fees of around thirty banking services like Interest Certificate issuance charges, Signature Attestation fees, ECS return charges, etc. IDFC FIRST Bank waives NEFT (National Electronic Funds Transfer) transfer charges and IMPS (Immediate Payment Service) transfer fees through the Zero Fee Banking feature.
3. Digital payments have become safer.
Customers can now add layers of security to their digital payments. IDFC FIRST Bank secures your account with an MPIN, username, and password. You can also opt for a biometric login to confirm your IDFC FIRST Bank account. Besides UPI, NEFT, IMPS, and RTGS (Real-Time Gross Settlement) transfers, the app offers Auto Pay and One-Swipe Pay. Auto Pay helps customers automate their regular and recurring online payments (for example, utility bill payments). One-Swipe Pay is a convenient alternative to other online payment transfers that helps customers transfer money simply by swiping on their IDFC FIRST Bank mobile app.
4. More banking services are accessible today.
Mobile banking apps are now helping customers check their bank account balances instantly. IDFC FIRST Bank’s app, too, can help you narrow your account balance in a few seconds. Since customers who use mobile banking services habitually check their bank account balances repeatedly, new-age banking apps have facilitated seamless access to bank balances.
5. Customers can access personal loans without any hassles.
Digital banking apps have also helped customers access huge loan amounts instantly. On opting for IDFC FIRST Bank’s instant online personal loan, customers can instantly access up to ₹ one crore loan. By using IDFC FIRST Bank’s loan EMI (Equated Monthly Instalments) calculator, customers can know the value of their loan EMIs in advance. Therefore, you can assume a significant loan using a modern-day mobile banking app and plan for repayment well in advance.
Popular banks like IDFC FIRST Bank have gone further to make their mobile applications savings-friendly. While choosing a mobile banking app for your banking needs, research the interest rate and other savings-related features.
